Allstate Cuts 3,800 Jobs as It Speeds Up Last Year’s Revamp
- Insurer pushing for competitive auto pricing, CEO Wilson says
- CEO calls cuts a first step, not the end of cost reductions
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Allstate Corp., the fourth-largest car insurer in the U.S., plans to cut 3,800 jobs as it accelerates a revamp it started last year.
The cuts and related office closures will bring a restructuring charge of about $290 million, most of which will be recognized this quarter, according to a filing Wednesday. The cuts amount to about 8% of the roughly 46,000 employees it had at the end of 2019.